Q1 – 2002 Financial Results
June 5, 2002 (QHR – TSX) Mr. Al Hildebrandt, President and CEO of the Company, announces that the results of operations for the first quarter ending March 31, 2002 have been released.
Management highlights that revenues reached $418,700, an increase of $258,983 or 162% for the same quarter in 2001. Deferred revenue (defined as cash received in advance of services rendered) reached $523,865, an increase of 9% from the previous period.
The Company recorded a loss of $68,522 for the first quarter of 2002, an improvement of 525% when compared to a loss of $428,386 for the first quarter of 2001. The loss includes non-cash charges such as the write down of goodwill and the amortization of capital assets of $43,708. The loss per share improved from a $.04 per share loss in the first quarter of 2001 to a $.01 per share loss in the first quarter of 2002.
The Company has been approaching the break-even mark since it substantially completed its commercial version of its software product, Quadrant HR in October 2001. During the fourth quarter of 2001, the Company concentrated its resources on the marketing of Quadrant HR and the completion of a number of installations. It recorded revenue of $436,748 during the final quarter of 2001 and a small operational profit of $25,422. QHR has been operating at or near the break-even mark for two consecutive quarters and its financial health is improving.
Sales momentum is growing. The Company has over 40 clients who use one or more of Quadrant HR core software modules in the healthcare, aviation and forestry industries. In the first five months of 2002, the Company has billed its clients in excess of $1,600,000 for new and renewed contracts and on-going service contracts and also received more than $1,300,000 in cash receipts.
Management encourages interested parties to visit the Company’s website, www.quadranthr.com, for a more complete profile of the Company, quarterly financial statements and management discussions. The entire quarterly report is also available from SEDAR.
QHR Technologies Inc. is engaged in the business of developing and implementing Human Resource and Payroll software solutions and technology business acquisitions. The Company’s mission is to become a global leader in human resource software designed for complex payroll environments. The Company is developing software solutions designed to handle all elements of human resource management including human resources, payroll and employee relations.
On behalf of the Board of Directors
Al Hildebrandt President & Chief Executive Officer
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
